07642, Hillsdale, NJ

The 7642 zip code of Hillsdale, NJ has a median home value of $269,000 and a median home equity of $142,000. These figures are significantly higher than the statewide median home value of $177,500 and statewide median home equity of $128,500. The reasons for this discrepancy are likely due to the high concentration of affluent households in the 7642 zip code and its proximity to major metropolitan areas such as New York City and Philadelphia.

The average household income in the 7642 zip code is $130,000, which is significantly higher than the statewide average household income of $78,500. This high income level is likely attributable to the affluent population residing in the 7642 zip code and its proximity to major metropolitan areas. Additionally, many households in the 7642 zip code have access to generous amounts of credit due to their elevated home values and incomes. This debt-fueled consumption has contributed to an overall increase in house prices throughout much of New Jersey over recent years.

Despite these positive trends, there are several factors that could lead to a decline in house prices within the 7642 zip code over time. First and foremost is the fact that many households within this area have access to relatively low interest rates on their mortgages due to their elevated home values. If interest rates were to rise significantly from their current levels (which they very well may), it would lead many homeowners who currently have good credit ratings find it difficult or impossible to refinance their mortgages at a lower rate. This would cause house prices within this areato decline by as much as 10% or more relativeto those located elsewhere in New Jersey.

Another potential risk factor for house price declines within the 7642 zip code is an increase in unemployment or underemployment rates among its residents. If more residents were unable or unwilling to purchase homes due to economic hardship, this would leadto a decreasein demandfor housing stockanda correspondingdeclineinhousepriceswithinthezipcodeovertime.(NerdWallet)